Five companies in big pharma’s top 20 have come through mergers in the past 10 years or so that changed them significantly. As measured by standard financial performance parameters, the processes at Takeda and Teva (and to some extent, at Allergan) seem relatively smooth and productive. Those at Pfizer and Merck don’t. But it depends on how you look at the numbers.

In addition to a spate of FDA approvals closing out the year, Roche contended with trial failures and Actavis received a “complete response” letter for its nebivolol/valsartan combination.

Asmacure, a clinical-stage biopharma company focused on the development of nicotinic receptor agonists for the treatment of asthma and other inflammatory diseases, has appointed Martin Driscoll chief executive officer. Mr Driscoll was previously CEO and a director of Javelin Pharmaceuticals and will succeed Dr Luc Vachon, who is leaving the company to pursue other business ventures.

Hospira's CEO Christopher Begley and chief operational officer Terrence Kearney are to resign from their positions, having both served at the company since its foundation in 2004.